June 19, 2020 — Newmark Knight Frank (“NKF”) completed four separate transactions of single-tenant retail properties located throughout Southern California for a total of $31 million.
“Single-tenant retail assets with solid credit, an operating history, favorable lease terms and quality real estate fundamentals remain in high demand, amid volatile capital markets due to the COVID-19 pandemic,” said Bauman. “We are seeing 1031-exchange investors very active in the market and pleased with the IRS’ decision to provide relief/extensions on 1031 timelines.”
Miller added, “Essential retail tenants, such as grocers and drugstores, continue to be highly sought after by investors, especially those who have experienced a significant increase in sales as of late.”
The first property, occupied by CVS, is located at 42150 Jackson Street in lndio and sold for $3.9 million in an all-cash transaction at a 5.1% cap rate. The seller was a private Orange County-based investor and developer, and the buyer was a private investor.
The second property, occupied by McDonalds, is located at 1712 Pacific Coast Highway in Lomita and sold for $2.4 million in an all-cash transaction at a 2.77% cap rate. The seller was a private family trust. The buyer, McDonalds, exercised its right of first refusal after the NKF team was able to generate multiple highly competitive offers.
The third property, which sold for $9.9 million at a 5.85% cap rate, is located at 14528 Palmdale Road in Victorville and is occupied by Cardenas, one of the leading Hispanic grocers in Southern California. The NKF team advised the seller, a private Orange County-based developer, and Ed Barkett of Atlas Properties represented the buyer, a private, 1031-exchange investor.
The fourth property, located at 14351 Hindry Avenue in Hawthorne, is occupied by Bed, Bath & Beyond and sold for $14 million. The seller was Hawthorne Gateway, LP, a private Los Angeles-based partnership, and the 1031-exchange buyer was a private, family office. The NKF team, along with Michael Grannis of Highland Partners, advised the seller, who has owned the property for nearly 18 years. NKF helped to implement a break-up strategy that included a simultaneous pay-off and recapitalization of the existing loan to free up the Bed Bath & Beyond parcel at close of escrow.
In the last month, the NKF team has launched over $150 million of high-profile, single-tenant transactions, including a Whole Foods in Santa Barbara and an Apple store located at Santa Monica’s Third Street Promenade, further underscoring the steady demand and momentum of single-tenant retail properties, amid recent economic turmoil.
According to NKF Research, private buyers drove acquisitions in recent years, a trend that will persist in 2020. Many of these buyers are high-net-worth individuals in search of yields that exceed the Treasury. COVID-19’s effects on global stock markets, which are highly volatile in the current environment, also enhance the appeal and security of net-leased investments as property owners receive the benefits of an income stream from a tenant and the underlying value of the asset.
Asurion Tech Repair & Solutions™ Opens in Redlands
Asurion® Repair Experts Provide Fast Fixes on Phones, Tablets, Laptops, and More
A new electronics repair shop, Asurion Tech Repair & Solutions™, has opened in Redlands at 9980 Alabama St. The store offers professional fixes for most consumer electronics, from smartphones, tablets, and computers to game consoles, smart speakers, drones, and more.
While common repairs include cracked screens, battery issues, and water damage, the company’s repair experts have fixed millions of devices and can help with most any tech mishap, and many basic repairs can be completed in 45 minutes or less.
“I’m looking forward to the opportunity to introduce Asurion Tech Repair & Solutions to Redlands as we continue to serve this region,” said Damon Madison, Asurion Tech Repair & Solutions District Manager. “Our team prioritizes customer satisfaction above all else. By offering free diagnostics on all device issues, matching competitors’ prices, and guaranteeing fast-turnarounds on device repairs, we’re dedicated to making our customers’ experience affordable and convenient.”
The store’s expert repair technicians fix all kinds of technology, regardless of make or model, and the store is an authorized repair provider for Samsung Galaxy and Google Pixel smartphones. Customers can book a repair appointment online or stop by the store for walk-in service. The store offers free, no-obligation diagnostics on all gadgets, as well as a 1-year limited warranty on all repairs. It even offers a price match guarantee on any local competitor’s regularly published price for the same repair.
The new Asurion Tech Repair & Solutions store brings the company’s retail footprint to more than 750 locations across the U.S. Formerly known as uBreakiFix®, all U.S. locations will rebrand as Asurion Tech Repair & Solutions throughout 2022.
“We are excited to serve people in Redlands with fast and affordable tech repair,” said Dave Barbuto, CEO of Asurion Tech Repair & Solutions. “We all rely on our phones and laptops more than ever before, and our mission is bigger than repairing shattered screens and broken charge ports. We fix tech because people depend on it to stay connected to things that are important to them. I look forward to serving this community through our new location.”
The new store is located at:
9980 Alabama St Suite C, Redlands, CA 92374
New Partnership Announced; Stater Bros. Markets joins Entertainment Giant
Toyota Arena has announced a new partnership with Stater Bros. Markets effective July 1, 2022.
Guests of the arena will soon be able to experience the new branding of the North Patio, which will include live concerts featuring local bands and up-and-coming professional talent. “We are thrilled to welcome Stater Bros. Markets as a partner to Toyota Arena,” said Michael K. Krouse, President & CEO. “It’s a natural fit – this is our community’s grocery store of choice and the amazing Stater Bros. Charities provides non-profit organizations in our local region with support. We are on board to help as well.”
The marketing amenities this partnership will provide Stater Bros. will include a presence on several assets including the arena’s Interstate 10 marquee, overhead LED scoreboard, television monitors throughout the facility, website, and more. The relationship created through this agreement will also provide benefits for Toyota Arena guests, including new Stater Bros.-inspired food and beverage options.
The benefits to the community will go beyond lifestyle and entertainment, however. Stater Bros. and Toyota Arena recognize the important role they play in the overall development of the City of Ontario. The city’s vigorous commercial and residential growth, and its status as a destination location will result in economic growth, jobs, and a thriving community. The partnership will also open up new opportunities to support the giving efforts of the market’s non-profit charitable arm, Stater Bros. Charities.
“This really is an exciting day for the entire Stater Bros. team. As a company, we work hard to establish great business relationships, and with Toyota Arena, we’ve found an excellent partner,” said Stater Bros. CEO Pete Van Helden. “I look forward to the new opportunities our partnership will bring and its benefits for the City of Ontario and the Inland Empire as a whole.”
IECE Presents its Inaugural State of Entrepreneur Report on Dec. 9
The first-ever State of Entrepreneurship Address for the Inland Empire is being held by the Cal State San Bernardino Inland Empire Center for Entrepreneurship on Thursday, Dec. 9, from 5-8 p.m. at 4th Sector Innovations in Ontario.
IECE’s goal in producing the State of Entrepreneurship research study is to bring the voice of local entrepreneurs to those who need to hear it most – local and state policymakers, community organizations, lenders, and other resource providers.
The Voice of the Entrepreneur survey, on which the address is based, sends powerful feedback on the challenges that entrepreneurs and business owners of the Inland Southern California region face.
Survey results were drawn out earlier this year by reaching out to IECE’s extensive network, consisting of more than 10,000 entrepreneurs and business owners representing a diverse group of industries. The IECE will continue to distribute the Voice of the Entrepreneur survey in the spring of each calendar year to find out what Inland Empire entrepreneurs and business owners are going through.
The report is a potent tool for policymakers, economic impact drivers, and business owners and entrepreneurs to analyze growth potential within the region. Using measurable data, the goal is to identify the challenges and opportunities facing local business owners and obstacles that may be impeding business growth.
The result is a concise report that gives insight into how we can effectively learn and evolve together with a regional focus.
The evening will start and end with networking and food; in between, the SOER report will be presented, which includes examining the indicators of entrepreneurial activity and how the IE measures up as a region; learning of the Voice of the Entrepreneur direct survey results and the common themes, as well as an IE Ecosystem assessment; and regional perspectives from influencers that include:
- Rod Vandenbos, founder and CEO, buzzbox beverages, Indio;
- Mike Napoli, Tech Coast Angels, Palm Springs;
- Edward Ornelas, Jr. President, Inland Empire Regional Chamber of Commerce
- Ana Karina Suchánek, president, Cask Restaurant Group, Inc., Rancho Cucamonga; and
- Pepi Jackson, president and CEO, Riverside Black Chamber of Commerce
Click the following link – Secure Your Spot for the 2021 State of Entrepreneurship Address – to attend, network and learn more about entrepreneurship in the region. Whether you are a seasoned or soon-to-be entrepreneur, there is a perspective for everyone who wants to know more about how to strengthen the Inland Empire economy.
The presentation will unveil breakthrough metrics and perspectives on the State of Entrepreneurship throughout the Inland Empire, including:
- Why a report like this is essential for the collective growth of our region;
- What the report consists of: indicators for entrepreneurship and what real entrepreneurs in our communities are telling us through our Voice of the Entrepreneur survey results; and
- Regional perspectives from influencers and officials that are active in our ecosystem.
The event will also include food and cocktails while networking within an inspirational setting at 4th Sector Innovations Ontario.
To learn more, visit the IECE State of Entrepreneurship Report website.
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